• Oil drops 4% on weak U.S. gasoline demand

    22 Oct 2020 | Economic News

Oil drops 4% on weak U.S. gasoline demand

Oil prices dropped Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked.

Brent crude futures were at $41.64 a barrel, down $1.51, or 3.5%. West Texas Intermediate (WTI) crude futures settled 4%, or $1.67, lower at $40.03. Both benchmarks rose in the previous session.

Crude inventories fell by 1 million barrels in the week to Oct. 16 to 488.1 million barrels, while gasoline stocks rose in another weak showing for fuel demand.

Overall product supplied, a proxy for demand, remained down 13% on the year and over the past four weeks when compared with the year-ago period.


Reference: CNBC

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